On the evening of 23 November 1993, Rachel Whiteread was presented with the 1993 Turner Prize inside London's Tate Gallery, and the 1994 K Foundation award on the street outside.
Prior to presenting their award, the K Foundation held a private exhibit of a collection of art works entitled Money - A Major Body of Cash.
"As for the K Foundation", the newspaper wrote, "it stands unmasked as the current performing face of those cherished old friends of pop pranksterdom, Bill Drummond and Jimmy Cauty",[8] formerly known as The KLF.
[9] The Foundation's next advert invited the general public to vote for the worst artist, either by going to the exhibition and using their critical faculties or by letting their inherent prejudices come to the fore.
Predicting that Rachel Whiteread, creator of the controversial sculpture House, would win both awards, the magazine said that, if it were so, "the vast numbers of people who equate contemporary art with rubbish will, yet again, feel vindicated.
[19] The television advertisements cost £20,000, an amount which Scotland on Sunday said was "carefully chosen to match the value of the Turner prize", the newspaper adding that "Copies of the invoices were supplied as evidence.
[21][22][23][24] They were driven in a convoy of white limousines, led by a gold limo, to Heston Service Station where they were handed a press release and £1650 in crisp new £50 notes.
The accompanying press release stated that 25 × £1600 collectively made up the £40000 K Foundation prize, and that the extra £50 was for the witness to verify its authenticity by spending it.
Mr Ball also directed the witnesses to "view the art": One million pounds in £50 notes, nailed to a large framed board.
[29] At the last moment Rachel Whiteread emerged from the Tate and accepted the money, stating that she would give it as grants to needy artists.
David Mills wrote in The Times that The K Foundation's campaign was "tiresome", and he asked "Doesn't it strike anyone as odd that a group of people who made their money with such artistic endeavours as a disco-version of the Dr Who theme should be suggesting that contemporary art was somehow more fatuous than that?
"[31] Rachel Whiteread had an advertisement printed in the British magazine, Art Monthly, in which she outlined her plan to donate £10,000 to Shelter and distribute the remainder in grants to 10 needy artists.
[34] Miranda Sawyer, who attended the presentation, found special interest in a subsidiary incident during the evening of the prize ceremonies: the theft of money by several of the other invited witnesses: "All the feelings of power and powerlessness that money can bring were fairly summarised with these thefts - it must have turned out better than the K Foundation could have hoped if the examination of cash, art and associated feelings was their point."
Sawyer named "Britart" figure Carl Freedman as one of those who had taken the money, and reported that "He found the event funny, not offensive (you would too if you walked off with £1,600!
"The avant-garde wasn't to be seen at the Turner Prize gathering, it was to be found among that select band of individuals who'd organised the K Foundation's attack on the smug complacency of the arts establishment.... 'dignitaries' such as Lord Polumbo were revealed as buffoons.
While Polumbo ranted about the dunces who attack cultural innovations, his rhetoric showed him to be a complete idiot — several people immediately pointed out that he was unable to correctly name Van Gogh's art dealer brother.
"[38] The Face magazine's witness, Cliff Jones, wrote that "The accusation that this is a tiresome Situationist gag with a whoopee cushion pay-off belittles the K Foundation's distracted message.
"Last night's highly eccentric mystery tour by the K Foundation probably said more about the wealth that can be accumulated from two number one hit records than it did about any resurgence of Dadaism", he said.
[18] The Guardian said that Jimmy Cauty, "[as the artist] responsible for a best-selling Athena poster of the Hobbit ... can justly say he has adorned more walls than any of the Turner nominees"; and added: "A grand deflation of the pretensions of the wealthy art elite is an aim that has drawn approval from sections of the art world and philistines who find 'installations' of knotted rope or beds covered in rice curiously unmoving....
"[41] In a separate piece, the newspaper implied that the K Foundation had hit their perceived target with some success:The abiding image of this year's Turner Prize will not be the poignant, graffiti-scarred hulk of Rachel Whiteread's House, marooned in the swirling dereliction of the East End, nor even Vong Phaophanit's gently undulating rice dunes inside the Tate.
The picture that really grabbed hold of the zeitgeist, and which will stay in the memory long after the dust of demolition settles, was the grim sight of Peter Palumbo, handing Whiteread her cheque at the Tate on Tuesday night.
His face white and sweaty, vainly trying to appear martial, he looked for all the world like the late Salvador Allende in his tin helmet, clutching his assault rifle on the steps of the presidential palace as Pinochet's tanks swept him from power....
[43] In a piece published in 2006, The Sunday Times quoted author James F. English's description of The K Foundation's Art Award as "hostile philanthropy".
[44] Sunday Times writer Bryan Appleyard added that the "K Foundation's witty exploitations of artistic greed ... are essential aspects of the prize itself.
They promote the prize, reassure the organisers that, culturally speaking, they are in the thick of it and console the artists with evidence that their work provokes strong reactions.